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It’s time for a windfall profits cap on greedy oil corporations

Cap Big Oil Windfall Profits - Save Money, Save Democracy
Activists with Last Chance Alliance hold a sign in front of a Valero station reading "Cap Big Oil Windfall Profits - Save Money, Save Democracy." Valero's Q3 profits were five times higher in 2022 than in the previous year. Photo via Oil and Gas Action Network.

Update: On March 28, 2023 Governor Newsom signed SBX 1-2 into law, giving state regulators the power to penalize oil companies for making too much money, the first of its kind in the country. Under the new law, the California Energy Commission has the authority to impose a penalty if oil company profits surpassed a certain threshold. The bill also creates a new state agency with the power to monitor the petroleum markets, including requiring oil companies to disclose lots of data about their pricing.

In California, refiners have used their control of the market to rip us off at the pump and rake in massive profits, far beyond prior years. Governor Newsom pushed to cap oil refiners’ windfall profits and send that money back to Californians.

For decades, the oil industry’s massive profits have funded their disinformation campaigns and powerful lobby to delay climate action. Most recently, they’re using the hard-earned dollars we spend at the pump to fund a ballot measure that would overturn vital protections for California communities living next to their toxic oil wells.